Business Insurance
Do you run an agency, a graphic design studio, a café, or work as a freelance photographer?

Business insurance allows you to focus on your work without worrying about unexpected expenses.
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What is Business Insurance?​
Business insurance protects your business from financial losses due to various risks and events. It covers property damage, legal liabilities, and employee-related risks. Policies can be tailored based on your business type, size, and industry to ensure you have the appropriate level of protection.
Do I Need Business Insurance?​​

Research from Policybee in 2023 found that 99.9% of businesses in the UK are SMEs, yet shockingly, 44% within this number don’t have any insurance at all for their business.

Here are some key reasons why you may need business insurance:
  1. legal Expenses: Covers legal costs for accidents and injuries.
  2. Lost Income: Supplements lost wages and revenue if you can’t operate.
  3. Equipment Replacement: Replaces lost or damaged tools/equipment.
  4. Property Protection: Protects commercial property and its contents.
  5. Support Services: May include legal advice and support services.
80%​
Up to 80% of UK SMEs are underinsured​
£22m​
UK business insurers pay out an average of around £22 million per day
26%​
Over a quarter (26%) of insurance claims made in the UK are related to professional indemnity

What Does Business Insurance Cover?

Business insurance offers comprehensive coverage to ensure your business can withstand various risks. Cover can include legal expenses to cover fees, revenue replacement to keep your business operations running when faced with interruption, and equipment protection to cover the damage or loss of important tools and equipment. Business insurance also provides cover if your employees get sick or injured.

What Insurance Do I Need for My Business?​

Different types of business insurance can be tailored to your needs to provide sufficient protection against unexpected events. Here is a more detailed breakdown of the main types:

  • Public Liability Insurance: Crucial for customer-facing operations, it protects against injury or property damage to the public.
  • Professional Indemnity Insurance: Covers legal costs if you’re accused of faulty work or advice leading to client financial loss.
  • Employers’ Liability Insurance: Legally required in the UK for businesses with employees, covering compensation and legal fees for employee illness or injury.
  • Business Interruption Insurance: Covers lost income or gross profit if an insured event, like a fire or flood, stops you from trading.
  • Commercial Property Insurance: Protects commercial properties and contents from damage.
  • Product Liability Insurance: Covers legal fees if your product causes injury to a customer.
  • Key Person Insurance: Provides financial protection to your business if a vital employee can no longer work due to death or critical illness.

Does a Business Need Insurance?​

Now, on average, the annual cost of public liability insurance in the UK is £120, however, the cost of business insurance varies depending on several factors:
  • Insurance Type: Different types of insurance come with different price tags.
  • Industry: Risk levels vary by industry, influencing insurance costs.
  • Business Size: Larger businesses with more employees or higher annual turnover face higher insurance costs.
  • Cover Levels: The extent of your coverage and the number of policies you hold affect your premiums.
  • Claims History: A history of claims can lead to higher insurance rates.
  • Excess: Opting for a higher excess can reduce your premiums.
On average, UK business insurers pay out around £22 million per day. Typically, around £7.6 million per day is paid out in business liability claims. The UK commercial property insurance market was worth over £9 billion in 2021 – a 20.2% rise from the previous year.
FAQ’S About Business Insurance

The only mandatory form of business insurance in the UK is employers’ liability insurance, necessary for businesses with one or more employees, even on a casual basis. Immediate family members employed are typically exempt, unless the business is a limited company. Some industries, like solicitors and healthcare professionals, require specific insurance such as professional indemnity insurance.

If you’re still unsure whether – or which – type of insurance you need, then click below and one of our experts will assess your circumstances, cost-free!
The cost varies based on factors like the type of insurance, industry, business size, coverage levels, and claims history. On average, the annual cost of public liability insurance in the UK is £120.
Yes, it provides essential protection against various risks, ensuring your business can continue operating smoothly even during unexpected events.
Looking for support?​​
Are you committed to protecting your business from the unexpected?

Here’s how we can help you get started with the right business insurance policy:
  • Get a Personalised Quote: Provide some basic information, and we’ll create a tailored quote for your business needs.
  • Consult with Our Experts: Our friendly advisers are here to guide you through your options and ensure you understand every detail.
  • Regular Policy Reviews: As your business develops, making sure your policy continues to grow with it is key. We offer regular reviews to keep your coverage up-to-date.
At Secure Mortgages and Protection, our dedicated team of expert brokers is here to help you find the best business insurance for your needs. Connect with us today to secure your business’s future.
Help me protect my business​
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  • +44 0141 370 6999
  • enquiries@securemp.co.uk
  • Secure Mortgages and Protection Ltd. Suite G.04 The Greenlaw Works Greenlaw Way Newton Mearns Glasgow G77 6EF

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